Sana Biotech to cut jobs, shares gain
** Shares of gene therapy developer Sana Biotechnology SANA.O rise 5.26% to $4 after the bell
** Company says it will cut 29% of its staff and focus on ex vivo cell therapy platform
** Will reduce near-term investment on its fusogen platform, which is designed for in vivo gene delivery
** SANA to delay submission of its application to begin trials for its in vivo CAR T therapy SG299, but will continue its research
** In vivo cell therapies help to modify immune cells inside the body
** Company expects 2024 operating cash burn to be below $200 mln, allowing the current cash position to extend further into 2025
** SANA had cash, cash equivalents, and marketable securities of $325.9 mln as of June 30, 2023
** In November last year, company halted its heart muscle cell program and cut 15% of its workforce
** Stock down 3.8% YTD
Reporting by Sriparna Roy in Bengaluru
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